Machine learning

5 questions for CIOs before implementing Machine learning in projects

TBM-Machine-Learning-Banner

Artificial intelligence (AI) has created a lot of buzz for years, but the coming years hears more about discussions centered around machine learning (ML) – an approach to AI that focuses on data sieving, data interpretation and learning and taking informed action based on the analytics using algorithms.

In other words, ML is the motor that drives data science.

Since a Machine Learning system can assess new data, its behavior and performance while operating unsupervised, enterprises across all industries are keen to experiment and implement this progressive approach for its ventures. Many businesses have built in-house data science departments or are inviting external teams to guide them in solving real business issues through the smart use of data.

But the real value of machine learning is the ability to make decisions based on what it has learned from the past, how it has been trained using datasets and intelligence and not what it is currently exploring and evaluating.

Though the anticipated commercial impact of these efforts has been discussed extensively but the realistic challenges of applying these technologies to real business can be often overlooked.

So to avoid such costly mistakes, it is necessary to ask following simple yet important questions before embarking any machine learning project-

  • Is there really a requirement? –

    Ask yourself if you are adopting the new technology just for adoption’s sake or is there really a requirement. Often, you’ll find there isn’t any need of the same.

Machine learning is valuable only for use cases that benefit from dynamic learning – and there are not many of those’ – David Linthicum’

Vendors do create a need for ML cloud services, selling in the name of good fit for applications which shouldn’t use it at all. As a result, the technology seems to be misused and over-applied, diverting valuable resources from projects that can actually drive growth.

  • Do you need a CAIO (Chief AI officer)?

    – Implementing ML requires a good understanding of the technology and a strong business vision. Though anyone from the company (CIO – Chief Information officer, CDO – Chief Data officer, and CTO- Chief Technical officer) can own the overall implementation but a CAIO is the one, who can view an organization’s potential projects that can be scaled and positioned for ML adoption and is responsible for setting a roadmap that ensures the AI integration is in line with the company’s overall strategy. He/she ensures that the right product is selected that meets the business goals and the required resources are readily available.

  • Are your employees scared of robot colleagues?

    – The biggest challenge faced by companies is that their ‘employee’s fear change’ thinking it will make their jobs irrelevant. So the need is to empower employees and management and encourage them to engage with the machines. The hidden fact is people are unaware of the integration problems. Even if a system is developed to perform individual tasks, a person cannot be removed completely from the process – since there are interaction issues such as coordination and communication between people and AI systems. So take up a transparent approach of how machine learning will be integrated, what it means for jobs, and train people to engage with their new robot colleagues.

  • Is your organization mature in data capabilities?

    – Machine learning requires quality data – lots of it. Organizations planning to adopt ML, need to work on their data capabilities first. Since if the data is not clean and extensive, you are not going to be successful in your machine learning efforts. Incorrect and inaccurate data results in erroneous solutions, bad decision making and potentially bad AI implementation. Apart from that, the data needs to be secure with regulations that hold back organizations from using personal/ sensitive data to train their algorithms especially in healthcare and finance industries.

  • Can you attract the essential Talent? –

    While people can be trained on machine learning implementation, it still requires someone with a data science or machine learning background to cater to implementation hiccups. But unfortunately, trained and experience AI and ML professionals are thin on the ground. With more than 500% rise in the number of jobs in AI, less than 30% have the required experience. So, the organizations need to make themselves an attractive proposition with interesting challenges and competitive salaries to ensure more talent flows into their pipeline.

Continue reading “5 questions for CIOs before implementing Machine learning in projects”

Advertisements
growth strategy

“The most valuable thing you can make is a mistake. You can’t learn anything from being perfect.”

As a business leader, having a perfectionist’s eye can surely drive you to that extra mile. But aspiring to outshine in something you do and aspiring to be perfect are two different attitudes which are often perplexed.

Though having high valuesprinciples and targets are a great strategy to achieve the business vision and make it profitable but perfectionism can, in fact, be detrimental to your achievement, accomplishments as well as employee motivation.

In business marketing, initially marketers used to chase for that ‘first-mover-advantage’ in the market where the first in market used to get an edge over the competitors. But as we evolved to a more technology and digital driven era, it’s not the BIG that eat the SMALL but it’s the FAST that eat the SLOW. Business leaders should understand that the ‘fast followers’ take the market by storm and emerge as the real winners and not the first-movers.

Why? Because they improved on these newly launched products/services and overcame any inefficiencies with reduced cost margins. What really matters in today’s world is ‘ being the best and not being the perfect’.

Beware of these Perfectionists’ Evils:

Perfectionists can often get fanatic over every little detail, thus directly affecting productivity of the business –

1)    Robs the Dynamism of the Project: Innovation and creativity are essential for any business success but they do involve an element of risk. To stay competitive, it’s important to take risks and adapt to ever-changing market scenarios. Shift your mentality from perfectionism to optimism. Try to shift your rigid approach towards your business goals and become more adaptive. This will make your business more productive and keep you protected from unnecessary struggle you endure to get perfectionism under control.

2)    Makes you the ‘dictator’ of the team: Try to keep your perfectionist tendencies in check and stop behaving like a Bully Boss. Emphasize on collaborative leadership and gain advantage of group synergy. For the solitary leader, it is really important to involve everyone from your respective teams and welcome their ideas. Team synergy plays a major role in accomplishing those great feats that would be impossible for an entrepreneur to attain as an individual. Work with your team, listen to their ideas, have trust and give them freedom to do their jobs. Because even if your thought process is flawless, it can be improved by an insight of other team members. Only then, you’ll be able to achieve success in your business.

3)    Destroys Creativity: Innovation, Creative Thinking, and Curiosity are shaped from uproar, something perfectionists hate to the core. Perfection paralyzes creativity as the perfectionists are more likely afraid of taking risks associated with criticism and rejection. Instead of chasing to an impossible ‘perfect’ business strategy, all those prototypical Type As should settle for something ‘good’ and let go of the idea of idolizing the pinnacle of perfection.

4)    Prevents from meeting Deadlines: From its initial requirement phase to its delivery phase, a business plan constantly evolves. It’s important to set milestones to have that sense of accomplishment and to feel inspired to work for the next stage but not at the cost of stiffness. A business has to be flexible enough to update their plans and reach out to new customers. So set realistic milestones keeping in mind areas of improvement at every step. If you are always thinking about that perfect outcome, you are sure to skip your deadlines.

If the hare would not have waited for that perfect time to reach the finish line, he would have won the race far before the tortoise. So strive for steadiness and not perfection in your business and it will prosper, irrespective of the competition and environment.

Wrapping it with a very apt saying –

Perfectionism says,”Don’t start (it won’t be good enough),

Don’t finish (you’ll be criticized),

Don’t take risks (you’re going to fail) and

Don’t collaborate (they’ll never live up to your expectations)!

Perfection is ‘not’ an entrepreneur’s friend. It will kill your dreams, dampen your spirit and disrupt your entrepreneurial flow. Take back your power from this confidence destroyer and you’ll be unstoppable for your success.

Uncategorized

Start a Business , not a Startup

 

Startups are that special breed of companies that get a lot of attention especially in the tech world. No doubt, they bring new ideas to market and can give people an exciting opportunity to change the world on their own terms.

But, the importance they get from the tech world doesn’t make them as special as they are believed to be. Obviously they are not born out of big bang moments where the laws that govern other businesses don’t apply.

Feeling that a startup is a place where you can spend other people’s money until you figure out a way to make your own is akin to spoiling a child and shielding them from the outside world – They’re far less prepared when they eventually have to leave the house for the first time.

But the reality is, from the moment they go live, startups are as real as any other business. They are governed by the same set of market forces and economic precepts that wrap around any other company, new or old.

Anyone who walks around with an attitude that “we’ll figure out how to profit in the future” is just being ridiculous. It’s like building a rocket ship but starting off by saying “Let’s pretend there is no gravity”

A business without a path to profit isn’t a business, it’s a hobby.

At the atomic level, all businesses need to generate revenue to pay their bills, to grow and to survive. The sooner they find themselves in the black, the better chance they’ll have to survive. Call it a business survival instinct but businesses have to feed themselves or they’ll die.

A wonderfully run startup is a wonderfully run business and a poorly run startup is a poorly run business. At the end of it, it may be a great IDEA, but may not be a great BUSINESS.

So if you want to start something, ‘Start a Business, and not a Startup.’

-By Deepak Kaistha

TurkBlue Management